- Penske Automotive Group Inc PAG has acquired Erhard BMW of Bloomfield, located in Bloomfield Hills, Michigan, for an undisclosed sum.
- The deal represents the company's 48th Bayerische Motoren Werke AG BMWYY BMW dealership worldwide.
- "This dealership has a strong legacy of serving BMW enthusiasts in the metropolitan Detroit market for over 50 years," said Penske President Rob Kurnick.
- Penske expects the acquired dealership to generate about $100 million in annualized revenue.
- Penske held $119.2 million in cash and equivalents as of September 30, 2021.
- Price Action: PAG shares closed lower by 5.43% at $99.94 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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